Examlex
Which of the following would be the least likely result of a binding price ceiling imposed on the market for rental cars?
Permanent/Temporary
Classification of accounts where permanent accounts represent balance sheet items carried over multiple periods, and temporary accounts are income statement items closed at the end of each period.
Normal Balance
The side of an account (debit or credit) on which increases to the account are recorded, determined by the account type.
Financial Statement
A formal record of the financial activities and position of a business, person, or other entity over a period of time.
Permanent/Temporary
Categories of accounts in accounting where permanent accounts appear on the balance sheet and temporary accounts are closed at year's end, affecting income summary.
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